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ahora si es que es > General principlas of agency #2 > Flashcards

General principlas of agency #2 Flashcards

1
Q

Consumer

A

someone who uses or purchases a product or service

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2
Q

Customer

A

you don’t own fiduciary duties but you own them honesty and fairness

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3
Q

Client

A

you own fiduciary duties (OLD CAR)

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4
Q

Fiduciary

A

is someone in a position of trust who own loyalty to another

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5
Q

Agent

A

someone who acts on behalf of someone else

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6
Q

Universal agent

A

has broad authority to act on behalf of a principal, such as someone who has the power of authority

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7
Q

Principal

A

is the same thing as a client

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8
Q

a special agent (aka limited agent)

A

has limited authority to act on a client’s behalf, such as a real estate agent or an escrow officer. this type of agent cant bind a client into a contract

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9
Q

A general agent

A

Is responsible for handling all dealings in a given area for a client, such as a property manager. This type of agent may bind a person into a contract

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10
Q

Single agency

A

licensee own undivided loyalty to the client. Licenses represent one party, either the seller or the buyer

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11
Q

dual agency

A

a licensee represents the buyer and the seller in the same transaction

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12
Q

Single - license dual agency

A

is when a single licensee represents both the seller and the buyer in the same transaction

Note: this form of dual agency is NOT practiced in Maryland

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13
Q

dual - licensee dual agency

A

two separate licensees from a single firm each represent one party (buyer or seller) in the same transaction

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14
Q

sub-agency

A

is a licensee who works for one firm, but who is engaged by another firm to perform agency functions on behalf of that firm’s client.

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15
Q

Fiduciary responsibility’s

A

own to clients NOT customers. non-agents don’t have fiduciary duties. The duties include the acronym OLD CAR

obedience
loyalty
Disclosure
Confidentiality
Accountability
Reasonable skill and care
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16
Q

Power of attorney (POA)

A

Is a legal document that grants legal rights and powers from one person (the principal) to another to make decisions on behalf of the principal.

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17
Q

Express agency

A

Is an agency relationship that understands and agreed to by the parties. Spoken or written words create an express agency

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18
Q

Implied agency

A

The action of the parties creates implied agency

19
Q

Ratification

A

is accepted after the fact, either through signing paperwork or through the party’s actions.

20
Q

Estoppel

A

prevents one party from suing another

21
Q

Listing contracts (agreement)

A

should be in writing for clients’ protection. They almost always require a definite end date

22
Q

Exclusive agency

A

agreements allow only one brokerage to market and sell the property. If the seller finds her own buyer, no commission is paid to the brokerage

23
Q

Exclusive right to sell

A

agreements provide the listing agent with a commission no matter who brings the buyer to the transaction. It includes definite start and end dates

24
Q

Open listing

A

The seller works with multiple agents only the agent who successfully brings the buyer gets a commission

25
Q

agency agreements can terminate in five different ways

A

Expiration, completion, by force of law, thought the destruction of the property or death of the principal, and by mutual agreement

26
Q

Maryland laws does not recognize ______ relationship in real estate transactions

A

Non agency

27
Q

A non agent

A

Known as a facility or a transaction broker typically acts as the middleman to consumers in real estate transactions

28
Q

Duties own to costumer (DRHP)

A
  1. Disclosure of material facts 2.reasonable care

3. honesty and fair dealing 4.prompt presentation of all offers in control

29
Q

Designated agent

A

Two agents from one firm represent opposite sides of a transaction (broker is dual agent)

(Another word for dual agency)

30
Q

Dual agency is only allow in Maryland through the use of ______-_______ agents or

A

Intra company agents (ICAs)

31
Q

Which fiduciary duty is imposible with dual agency

A

Undivided loyalty

32
Q

As you know, you must obtain the client’s informed consent for dual agency when entering into an agency agreement with them. At what point do you need to have them reaffirm their consent?

A

Prior to entering into a contract for a transaction that involves both parties being represented by the same brokerage

33
Q

Informed consent

A

Means that all parties fully understand the ramification and purpose of dual agency and give the rent and consent to be represented by the intra company agent (ICA

34
Q

Maryland real estate law requires you to obtain your clients and form consent for dual agency that what must you obtain this consent?

A

At the time you enter into the list / buyer agreement with the client

35
Q

Broker

A

A person or entity with brokers license. The broker must display their license at all branch locations. It will store all license for all sponsor salesperson and associate brokers that

multiple brokers allowed, with separate their broker’s licenses

They complete 15 hours continuing education every 2 years

36
Q

Every license must carry there ______ at all times when doing business and they must show it on demand

A

Poket card

The Puckett cart must include the licenses theme and business address also includes the sponsor broker’s name and address

37
Q

You have ____ years to reinstate your license after it expires

A

Three years 3

38
Q

Maryland has reciprocal licensing agreements with two states those are ______ and _____

A

Oklahoma and Pennsylvania

39
Q

Maryland law defines broker as

A

An individual who provides real estate broker services

40
Q

Agency agreements in Maryland must be in Britain in order to be enforceable _____ has not been recognized in Maryland

A

Implied agency

41
Q

All real estate licensing must keep copies of documents for at least ____ years

A

5 years

42
Q

A timeshare estate

A

Is a piece of real estate owned by multiple, unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit in one to two week intervals during the year

43
Q

Government like property taxes aas a revenue source because ____

A

Property values, and therefore taxes, tend to remain stable

44
Q

What factors directly affect and adjustable rate mortgage?

A

Rate, index, and margin

ahora si es que es (14 decks)

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